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Employment, Production and Consumption model: Patterns of phase transitions
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SYSNO ASEP 0341487 Document Type J - Journal Article R&D Document Type Journal Article Subsidiary J Článek ve WOS Title Employment, Production and Consumption model: Patterns of phase transitions Author(s) Lavička, H. (CZ)
Lin, L. (DE)
Novotný, Jan (UJF-V)Source Title Physica. A : Statistical Mechanics and its Applications. - : Elsevier - ISSN 0378-4371
Roč. 389, č. 8 (2010), s. 1708-1720Number of pages 13 s. Language eng - English Country NL - Netherlands Keywords EPC ; Agent based model ; Phase transition Subject RIV BG - Nuclear, Atomic and Molecular Physics, Colliders CEZ AV0Z10480505 - UJF-V (2005-2011) UT WOS 000274954200022 DOI 10.1016/j.physa.2009.12.046 Annotation We have simulated the model of Employment, Production and Consumption (EPC) using Monte Carlo The EPC model is an agent based model that mimics very basic rules of industrial economy From the perspective of physics, the nature of the interactions in the EPC model represents multi-agent interactions where the relations among agents follow the key laws for circulation of capital and money Monte Carlo simulations of the stochastic model reveal phase transition in the model economy. The two phases are the phase with full unemployment and the phase with nearly full employment The economy switches between these two states suddenly as a reaction to a slight variation in the exogenous parameter, thus the system exhibits strong non-linear behavior as a response to the change of the exogenous parameters Workplace Nuclear Physics Institute Contact Markéta Sommerová, sommerova@ujf.cas.cz, Tel.: 266 173 228 Year of Publishing 2011
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